Observations on the Schumpeterian swarming of innovations

The hypothesis that depressions trigger innovations is examined first on theoretical grounds, and then with a random sample of 120 innovations. Radical product innovations, the alleged basis for new ‘Schumpeterian’ industries, indeed cluster around the 1930s crisis, but are closely associated with the less severely hit modern industries. Process innovations and less radical product changes are associated more with periods of prosperity. The final section considers whether new ‘Schumpeterian’ industries are a precondition for, or the result of, economic upswings.     

Erfolgreiche Sanierung in der Insolvenz aus Sicht des Schuldnerunternehmens

Zusammenfassung Der Beitrag stellt die M?glichkeiten eines geplanten und gesteuerten Einsatzes des Insolvenzverfahrens zur Sanierung Not leidender Unternehmen dar. Aufbauend auf den Erkenntnissen der Krisentheorie sowie einer ?konomischen Analyse des Insolvenzrechts eignen sich aus Sicht eines schuldnerischen Unternehmens vor allem das Insolvenzplanverfahren auf Basis eines Antrags wegen drohender Zahlungsunf?higkeit in Verbindung mit einem Antrag auf Eigenverwaltung zur Sanierung in der Insolvenz. Der Erfolg der gerichtlichen Sanierung h?ngt dabei ma?geblich von einem effizienten Vorgehen unter Beachtung des aus Sicht der Anteilseigner optimalen Insolvenzzeitpunkts, der Bewertung der Insolvenzeignung des zu sanierenden Unternehmens und der Entscheidung über die Verwertungsart ab.

---

Summary This paper addresses the options of systematically managed insolvency proceedings to reorganise nonperforming firms. Crisis theory and an economic analysis of insolvency law suggest an “Insolvenzplanverfahren” based on a motion because of imminent insolvency in conjunction with requesting a debtor in possession solution is the best option for an indebted company. The success of a juristictional reorganisation depends on the optimal time to file for insolvency, a preselection of companies based on the appropriateness for a juristictional reorganisation, and the decision on asset utilisation.

     

Management training in small and medium-sized enterprises: methodological and conceptual issues

The paper examines the impact of management training and development on the organisation and performance of small and medium-sized enterprises (SMEs), via a variety of quantitative and qualitative research techniques and including both crosssectional and longitudinal approaches to analysis. The paper demonstrates the value of management training and development in SMEs and demonstrates a series of one-off and longer lasting effects on their organization and performance. The paper also highlights the conditions under which management development projects are likely to be more successful. Finally, the paper extends the schema developed by Arthur and Hendry (1990) and Hendry et al. (1991), indicating the factors influencing training within businesses, and shows the indirect and complex links between management training and firm performance.     

Water in the desert? The influence of Wilhelm Röpke on Ludwig Erhard and the social market economy

It is commonly believed that Wilhelm Röpke heavily influenced Ludwig Erhard and, through him, West Germany’s social market economy. This article demonstrates that Röpke’s influence on Erhard was limited. Although the two men shared many common ideals, they also differed on many fundamental issues. Moreover, Erhard developed his ideas before he read Röpke’s wartime trilogy.     

Financial Issues and Catching up in Eastern Europe

MOCT-MOST: Economic Policy in Transitional Economies -     

What Would Normalisation of Economic Relations Between Mashrek Countries,Turkey and Israel Imply?

This article examines the potential for economic cooperation among Mashrek countries, Turkey and Israel in the fields of trade in goods and services both separately and across‐field. It first describes the macroeconomic features of the region and then estimates the overall potential for inter‐industry trade in goods by estimating gravity equations for each country separately and the potential for intra‐industry trade using Grubel‐Lloyd indices. The article also examines the potential for trade in specific services, namely information and computer technology, transport, financial and health services.     

Thinking about predation — A personal diary

Special Consultant, National Economic Research Associates. Inc.     

Urban renewal: The case of Buffalo,NY

Scholars of urbanism have long been critical of America’s post-World War II efforts at urban renewal. What is generally less well understood is the theoretical context out of which urban renewal policy arose. This analysis sets forth the key precepts of modernist thinking in city planning as the explanation for urban renewal’s policy miscalculations. Data for Buffalo document the case, with emphasis upon the exclusion of blacks in the redevelopment process. Following three decades of failure, 1950 to 1980, a neighborhoodbased renewal project is now showing promise in meeting the housing needs of inner-city black households.     

Estimating firm-level and country-level effects in cross-sectional analyses: An application of hierarchical modeling in corporate disclosure studies

Researchers in the field of international accounting are often confronted with observations of firms clustered into higher-level units such as countries. Using data from a corporate disclosure study including 797 firm observations from 34 countries, we demonstrate that the inferences obtained from the most commonly used Ordinary Least Square (OLS) test, which pools the firm and country data either under the disaggregation or aggregation approach, are problematic and misleading. To overcome the methodological limitation, we subsequently employ hierarchical modeling to simultaneously estimate both firm-level (within-country) and country-level (cross-country) disclosure determinants. We find that the clustering effects are significant in almost all firm-level variables. Once such effects are adjusted, only three firm-specific variables are significantly associated with corporate disclosure. Evidence provided by this study has important implications for most international accounting studies conducted in cross-level contexts.